REG - Metals One PLC - Investee Company Update: Lions Bay

Metals OneAnnouncement

06/02/2026 14:30

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RNS Number : 0802S  Metals One PLC  06 February 2026

6 February 2026

Metals One Plc

("Metals One" or the "Company")

 

Investee Company Update: Lions Bay

 

Lions Bay Capital announces updates re South African gold opportunities

 

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals
exploration and development company, notes updates announced on 6 February
2026 by Lions Bay Capital Inc. ("Lions Bay Capital") (TSX-V: LBI) (Metals One:
19.1%) regarding both the offer for all the assets of Vantage Goldfields Ltd
by its 47.4% owned associate Lions Bay Resources Pty Ltd ("LBR") (Metals One:
5%), and the extension of LBR's option to acquire the cogeneration plant. This
follows the LBR update of 29 December 2025. Whilst Metals One is assisting
Lions Bay Capital and LBR in progressing the offer, the final terms remain
subject to agreement with the Court and other stakeholders, at which time a
further announcement is expected.

 

Daniel Maling, Managing Director of Metals One, commented:

 

"Metals One is encouraged by the progress of the Vantage offer which remains
in play and the broader strategy to create a vertically integrated South
African gold business."

 

The full text of Lions Bay Capital's announcement is reproduced below.

 

 

Vancouver, BC - February 6, 2026 - Lions Bay Capital Inc. (TSX‑V: LBI)
("Lions Bay" or the "Company") Further to the announcement made on December
24, 2025, the Company announces that the Vantage Business Rescue ("Vantage")
process is ongoing with the High Court of South Africa which is due to meet on
March 2, 2026 to consider final proposals from the Business Rescue
Practitioner ("BRP"), including the offer made by Lions Bay Resources Pty Ltd
("LBR"), and other interested parties.

 

LBR representatives are actively engaging with the local community, regulatory
bodies, and various stakeholders to help facilitate and agree a plan to
finance the safe and timely reopening of the mining operations.

 

LBR now expects to finalise the CPR and leaseholder negotiations relating to
its cogeneration power plant in the coming weeks and has, by mutual agreement,
extended the option to acquire the plant to the end of February 2026.

 

John Byrne, Chairman of Lions Bay Capital, commented:

 

"Lions Bay continues to play an active role in moving LBR's bid for the
Vantage assets forward. In parallel, we have a great opportunity with the
cogeneration power plant due to the potential to modify the plant to produce
power and treat pyritic gold concentrates, providing a dual revenue stream as
we move to create a vertically integrated gold business in South Africa."

 

Details of the extension to the Cogeneration Power Plant in South Africa

 

Lions Bay announces that its 47.4%‑owned associate, LBR, has entered into an
agreement dated January 27, 2026, to extend the expiry date of its option to
purchase a cogeneration power plant to February 28, 2026.

 

This represents the second extension of the option. LBR has paid USD
$10,000 for each extension, with these amounts credited toward the total
purchase price. To date, LBR has paid an aggregate of USD $85,000, with USD
$1,305,000 remaining payable upon exercise of the option prior to expiry.

 

LBR holds the option to acquire a cogeneration power plant located in
KwaZulu‑Natal, South Africa, which it intends to modify to support the
roasting and recovery of gold from concentrate. The plant is capable of
producing both electricity and steam and was constructed and commissioned in
2020 at an original cost of approximately USD $19.4 million. The facility
operated for approximately one year before being placed on care and
maintenance in 2021.

 

LBR's Bid for Vantage Goldfields Ltd

 

On December 24, 2025, LBR, which is owned 47.4% by Lions Bay, 47.6% by its
management team, and 5% by Metals One Plc (LSE: MET1) ("Metals One"), made an
offer to acquire the assets of Vantage Goldfields Ltd, Makhonjwaan Imperial
Mines (Pty) Ltd and Barbrook Mines (Pty) Ltd, all in business rescue. This
offer comprised cash and shares to be issued to creditors in both Metals One
and Lions Bay, as well as certain rehabilitation undertakings, in particular
relating to the flooding of the Lily Mine.

 

This offer was predicated upon the collapse of a prior business rescue plan,
put forward by Ultra Concepts Limited, and in the face of a liquidation
application of the group. The business rescue practitioner elected not to put
the LBR offer to creditors, and on the return date of the liquidation
application, which was heard on January 28, 2026 in the High Court of South
Africa, advised the court that he was entertaining other offers; none of which
were disclosed. In the interim, a further intervening application to remove
the business rescue practitioner has been brought by a creditor, namely
Goldstream (Pty) Ltd.

 

The Court has set the final hearing date for March 2, 2026, with set deadlines
for submission of answers, replying affidavits and heads of argument.

 

LBR has paid the security costs of the Vantage assets for the past five
months, and is of the view its plan has de facto been implemented, and will
argue this in court. Despite the complexity of the issues before the court,
LBR is confident that the High Court has the jurisdiction to finally resolve
these issues, and provide a clear direction for the future of the mines.

 

About Lions Bay Capital Inc.

 

Lions Bay Capital Inc. is a mining finance and investment company focused on
unlocking the value of overlooked or underperforming resource assets, with a
strategic emphasis on gold and copper. Unlike traditional exploration
companies, Lions Bay raises capital to invest in compelling opportunities
rather than deploying funds on high-risk exploration or excessive executive
overhead. The company specializes in identifying resource projects that have
been neglected due to lack of funding or poor management execution. By
leveraging deep industry expertise, Lions Bay provides both capital and
strategic support to enhance project value and investor returns.

Lions Bay is led by Executive Chairman John Byrne, a veteran of the mining
sector with over 50 years of experience as an analyst, investor, and operator.
Under his leadership, the company brings a disciplined, value-driven approach
to mining investment.

On behalf of the Board of Lions Bay.

John Byrne

Executive Chairman

Tel: +61 3 9236 2800

Email: jbyrne@lionsbaycapital.com (mailto:jbyrne@lionsbaycapital.com)

 

Ryan Batros

Managing Director

Tel: +61 472 658 777

Email: Rbatros@lionsbaycapital.com (mailto:Rbatros@lionsbaycapital.com)

For more information, please visit the corporate website at
www.lionsbaycapital.com (http://www.lionsbaycapital.com/) or contact the
above.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

 

Disclaimer & Forward-Looking Statements: This news release includes
"forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities laws and United States securities laws
(together, "forward-looking statements"). All statements included in this news
release, other than statements of historical fact, are forward-looking
statements including, without limitation, statements with respect to the
closing of option to purchase and the approval of the share consolidation and
convertible debt by the TSX Venture Exchange. Forward-looking statements
include predictions, projections and forecasts and are often, but not always,
identified by the use of words such as "anticipate", "believe", "plan",
"estimate", "expect", "potential", "target", "budget", "propose" and "intend"
and statements that an event or result "may", "will", "should", "could" or
"might" occur or be achieved and other similar expressions and includes the
negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates
that, while considered reasonable by management based on the business and
markets in which the Company operates, are inherently subject to significant
operational, economic, and competitive uncertainties, risks and contingencies.
These include assumptions regarding, among other things: general business and
economic conditions. There can be no assurance that forward-looking statements
will prove to be accurate and actual results, and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations include those described under the heading "Risks and
Uncertainties" in the Company's most recently filed MD&A (a copy of which
is available under the Company's SEDAR profile at www.sedarplus.ca
(http://www.sedarplus.ca) ). The Company does not undertake to update or
revise any forward-looking statements, except in accordance with applicable
law.

 

 

Enquiries:

 

 Metals One Plc                                      info@metals-one.com (mailto:info@metals-one.com)

 Daniel Maling, Managing Director                    +44 (0)20 7981 2576

 Craig Moulton, Chairman

 Beaumont Cornish Limited (Nominated Adviser)        +44 (0)20 7628 3396

 James Biddle / Roland Cornish
 Oak Securities (Joint Broker)                       +44 (0)20 3973 3678

 Jerry Keen / Calvin Man
 Capital Plus Partners Limited (Joint Broker)        +44 (0)207 432 0501

 Jonathan Critchley
 Vigo Consulting (UK Investor Relations)             IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

 Ben Simons / Fiona Hetherington / Safia Colebrook

 

About Metals One

 

Metals One is pursuing a strategic portfolio of critical and precious metals
projects and investments underpinned by the Western World's urgent need for
reliably and responsibly sourced raw materials - and record high gold prices.
Metals One's shares are listed on the London Stock Exchange's AIM Market
(MET1) and on the OTCQB Venture Market in the United States (MTOPF).

 

Map of Metals One projects/investments

 

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/metals-one-plc/
(https://www.linkedin.com/company/metals-one-plc/)

X: https://x.com/metals_one_PLC (https://x.com/metals_one_PLC)

 

Subscribe to our news alert service on the Investors page of our website at:
https://metals-one.com (https://metals-one.com/)

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out herein is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

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